Chinese growth holds steady at 6.7%

|By:, SA News Editor

China's GDP growth remained at 6.7% on year in Q3, as expected, boosted by yet more government spending, record bank lending and an over-heating property market, all of which are adding to the massive debt in the country.

Q2 growth was also 6.7%.

The figure is in the middle of the government's 2016 growth target of 6.5%-7%.

Industrial production slowed to +6.1% on year in September from 6.3% in August and missed forecasts of +6.4%.

Retail sales accelerated slightly to +10.7% from +10.6% and topped estimates of +10.6%.

Fixed-asset investment growth jumped to +8.2% from +6.1% and met expectations.

"Economic activity seems to be holding up reasonably well, with few signs that a renewed slowdown is just around the corner," says economist Julian Evans-Pritchard. "Nonetheless, the recent recovery is ultimately on borrowed time given that it has been driven in large part by faster credit growth and a property market boom, both of which policy makers are now working to rein in."

Chinese shares -0.7%, Hong Kong -0.6%.

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